COVID-19 | ‘Be back in office by September,’ Morgan Stanley CEO gives ultimatum to NY employees: Report

Morgan Stanley CEO James Gorman said the return to work policy will be “case-by-case” as "I don't think making a blanket statement to all employees is helpful" (Image: Shutterstock)

James Gorman, CEO of Morgan Stanley (MS), has told employees in the Wall Street top-dog’s New York offices to either get back to the offices by September, “or else”.

Gorman said that as more people are vaccinated against COVID-19 and life is slowly returning to normal, “it is time” employees head back to the offices, CNN reported.

"If you can go to a restaurant in New York City, you can come into the office. And we want you in the office," Gorman said. He was speaking at an annual investing conference on June 14.

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He added that many employees have begun coming into the company headquarters in Times Square for “a couple of days a week”, but added that once summer is over, they want most of the New York workers to “get off Zoom and take the subway into the office more regularly”.

"By Labor Day, I'll be very disappointed if people haven't found their way into the office and then we'll have a different kind of conversation. If you want to get paid New York rates, you work in New York. None of this 'I'm in Colorado...and getting paid like I'm sitting in New York City.' Sorry. That doesn't work,” he said.

He made sure to state that the policy would “not be dictatorial” and flexibility on splitting time between home and office would continue as working parents still need to be home with children who are not in school or summer camps.

He also clarified that the company’s 10,000 employees in India, which is battling a deadly second wave of the coronavirus, are not included in the “back to office” notice. "They're not coming back to work. That's not a 2021 issue,” he said.

He pointed out that the return to work policy will be “case-by-case” adding: “I don't think making a blanket statement to all employees is helpful. I don't think speaking to employees who work at 1585 Broadway in Times Square is the same as speaking to a small office in Topeka."

Gorman also said that at present 90 percent of MS employees are vaccinated for COVID-19 and he expects this number to eventually rise to 98-99 percent, adding that the company will deal with employees who may not take the vaccine due to health or religious reasons.

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